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NIB Health Funds Ltd (nib) is a private health insurer that operates as an open health fund.
Background
nib began in the 1950s when workers at BHP Steelworks in Mayfield set up the Newcastle Industrial Benefits Hospital Fund and the Newcastle Industrial Medical Fund. In 1977, the insurer changed its name to NIB Health Funds Ltd after it amalgamated with the South Coast Medical Fund and the Hunter Medical Benefits Fund.
nib expanded to Queensland, South Australia and the Australian Capital Territory in 1993.
In 2007, nib’s members voted in favour of de-mutualisation and it became the first health insurer to list on the Australian Securities Exchange (ASX). nib changed from a not-for-profit to a for-profit insurer.
nib has formed partnerships with Qantas, Apia and Suncorp to sell its health insurance under those brands. nib acquired GU Insurance, a specialist corporate private health insurer in 2017. nib recently partnered with ING Bank and Priceline.
The insurer provides health cover to almost 1.5 million Australian and New Zealanders and over 180,000 international workers and students in Australia.
nib claims to be one of Australia’s fastest growing health funds.
Yes, nib provides corporate policies to certain organisations. Search your organisation’s website or intranet to find out whether a corporate health insurance policy is available to you, and what conditions apply.
Does nib have agreements with some private hospitals or day hospitals to provide services at low cost or with no out-of-pocket costs?
Yes. nib has agreements with a number of private hospitals that allow it to provide services to its members at low cost or with no out-of-pocket costs:
Location
Number of private Agreement Hospitals
Industry maximum
ACT
6
6
NSW
92
98
NT
1
2
QLD
52
60
SA
20
23
TAS
5
9
VIC
69
76
WA
21
24
nib alsohasagreements with a number of day hospitals so it can provide services at low cost or with no out-of-pocket costs:
Yes. nib is a member of Private Healthcare Australia (PHA), a body that represents 20 registered health insurers and 97% of people covered by private health insurance.
